SouthState Corp Sells 80 Shares of Alphabet Inc. (NASDAQ:GOOGL)

SouthState Corp lessened its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 0.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 65,411 shares of the information services provider’s stock after selling 80 shares during the quarter. SouthState Corp’s holdings in Alphabet were worth $10,848,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in GOOGL. Quent Capital LLC raised its stake in shares of Alphabet by 3.6% during the 1st quarter. Quent Capital LLC now owns 31,171 shares of the information services provider’s stock worth $4,705,000 after purchasing an additional 1,072 shares in the last quarter. Alexander Labrunerie & CO. Inc. acquired a new position in Alphabet during the first quarter worth $1,396,000. Pathway Financial Advisers LLC bought a new stake in Alphabet during the first quarter worth $437,000. Spear Holdings RSC Ltd acquired a new stake in Alphabet in the first quarter valued at $39,302,000. Finally, Motiv8 Investments LLC grew its position in shares of Alphabet by 29.5% in the 1st quarter. Motiv8 Investments LLC now owns 4,786 shares of the information services provider’s stock valued at $722,000 after acquiring an additional 1,090 shares during the period. Institutional investors and hedge funds own 40.03% of the company’s stock.

Alphabet Trading Down 0.1 %

Shares of GOOGL opened at $171.34 on Wednesday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.95 and a current ratio of 1.95. Alphabet Inc. has a 52-week low of $127.90 and a 52-week high of $191.75. The firm has a market cap of $2.10 trillion, a price-to-earnings ratio of 22.72, a PEG ratio of 1.22 and a beta of 1.01. The business’s fifty day moving average is $168.84 and its 200-day moving average is $170.26.

Alphabet (NASDAQ:GOOGL) last released its earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.83 by $0.29. The firm had revenue of $88.27 billion for the quarter, compared to analysts’ expectations of $72.85 billion. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. During the same quarter in the previous year, the business posted $1.55 earnings per share. Equities analysts anticipate that Alphabet Inc. will post 8.01 EPS for the current fiscal year.

Alphabet Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 9th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.47%. The ex-dividend date is Monday, December 9th. Alphabet’s payout ratio is 10.61%.

Insider Buying and Selling at Alphabet

In other news, insider John Kent Walker sold 16,802 shares of the company’s stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $165.47, for a total value of $2,780,226.94. Following the completion of the transaction, the insider now owns 43,999 shares of the company’s stock, valued at $7,280,514.53. This represents a 27.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Amie Thuener O’toole sold 2,835 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $151.53, for a total transaction of $429,587.55. Following the completion of the transaction, the chief accounting officer now owns 29,182 shares of the company’s stock, valued at approximately $4,421,948.46. This trade represents a 8.85 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 163,624 shares of company stock worth $27,803,730 over the last quarter. Corporate insiders own 11.55% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Scotiabank raised shares of Alphabet to a “strong-buy” rating in a report on Friday, October 11th. The Goldman Sachs Group dropped their price objective on Alphabet from $217.00 to $208.00 and set a “buy” rating on the stock in a research note on Monday, October 14th. KeyCorp lifted their target price on Alphabet from $200.00 to $215.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. JMP Securities increased their price target on Alphabet from $200.00 to $220.00 and gave the company a “market outperform” rating in a research note on Wednesday, October 30th. Finally, Loop Capital raised their price target on Alphabet from $170.00 to $185.00 and gave the company a “hold” rating in a report on Wednesday, November 6th. Seven investment analysts have rated the stock with a hold rating, thirty-one have issued a buy rating and five have given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $205.90.

About Alphabet

Alphabet Inc offers various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment provides products and services, including ads, Android, Chrome, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.